Cycle To Work Scheme - 12 months on

[SexyGreyFox]

I just wanted to clear a few points up since I've come to the end of my 12 months.

1 year ago I borrowed £850 on the C2W Scheme and this worked out at £47 per month for a year = £564 so a nice saving.
Today I received an email asking what I would like to do now and I have 3 choices.

1) Pay a one off £56.70 and I can rent the bike for 36 months for that amount but have it back if I decide I don't want to keep the bike after 36 months.

2) Pay £202 and the bike is now mine

3) Give the bike back now.

Obviously I chose number 1 but I also know that if you don't borrow as much then the one off payment isn't as much.
I hope this clears a few things up about this scheme.

 

[thewanted]

That's odd. I never got a letter at the end of my 12 months, and I have just kept using the bike.

I presume the scheme's terms and conditions must differ from company to company.

 

[[DOD]Asprilla]

I presume the scheme's terms and conditions must differ from company to company.

Depends when it was. The final payment values are fixed by HMRC now, but they weren't in previous years.

 

[SexyGreyFox]

Dear Dimple,

Following our "Next Steps" email dated Aug 7, 2013 our records show that you have still not selected one of our 3 options. We need you to tell us which option you wish to take.
YOUR OPTIONS
In order to maximise your savings, Cyclescheme recommend you select option 1.

Option 1 -

Cyclescheme's Extended Use Agreement
Pay a refundable deposit of £56.70, maximising your savings. You will be able to continue to use the bicycle for an extended period of up to 36 months. There are no monthly rental payments during this period and you can participate in the scheme again if you wish.
At the end of this period, if you do not wish to keep the bicycle, then we will refund the deposit in full. Cyclescheme may at its discretion, offer ownership of the bicycle to you at this point and no further action or payment will be required if you wish to keep the bicycle.
To take this option click here

Option 2

Take full ownership of the bicycle now. This will cost you £202.50
To take this option click here

Option 3

Return the bicycle the Cyclescheme at your own cost.
To take this option click here

If you need any further clarification, please view our website here or contact us on 0844 879 5101 or [email protected].

Kind Regards
The Cyclescheme Team

 

[One More Solo]

What happens if you leave your current job prior to the 36 months being out?

 

[thewanted]

Depends when it was. The final payment values are fixed by HMRC now, but they weren't in previous years.

Ah right, perhaps that's the reason then. I finished paying for mine in June 2012.

 

[SexyGreyFox]

What happens if you leave your current job prior to the 36 months being out?

In my case I've paid the initial 12 months and the extended 36 months so I would imagine nothing happens.
The initial 12 months paid back my employers loan.

 

[Begbie]

I bet no one chases you for the bike after the 3 years are up anyway and if they do, it's still not a bad deal getting another new bike at £200 off.

 

[Vonhelmet]

When all is said and done, the only way you can lose out on those schemes is if the bike is uninsured and gets stolen or crashed.

 

[SexyGreyFox]

When all is said and done, the only way you can lose out on those schemes is if the bike is uninsured and gets stolen or crashed.

I'm with Saga Insurance D) and I made sure both my bikes and all my music gear was on it.

 

[Draeger]

I know a guy who bought a Cube Peleton on the Cyclescheme and has never been charged a penny for it via salary sacrifice. Naturally, he's just keeping quiet. This was 2 years ago.

 

[GSVBagpuss]

Option 1 init! The rules did change relatively recently to make it not quite such a good deal but it's still a good deal